Home Loans for Women: Good news for womens. If you are planning to take a home loan in the near future, then this article is for you. Because the government and the banks themselves will help women to take home loans. Women’s home loans will not only reduce the interest, but will also provide many benefits along with tax benefits.
Today we are going to talk about these benefits in detail. Along with this, you can also get many benefits by taking a joint loan with your wife, mother or sister. Apart from this, women can become eligible for many benefits on their own.
Women get these benefits on home loan
Interest will be less- If you are a female borrower, then many banks offer loans at a lower interest rate. This not only reduces your interest burden but also reduces the EMI. Along with this, savings also increase.
You can add the money that other borrowers are spending by paying high interest to your savings.
Women are considered better at saving. Therefore, banks or financial institutions trust them more when it comes to repaying loans. However, this decision can also be personal.
Benefits from the government
Tax benefits- If a woman applies for a home loan, she can save lakhs of rupees in tax. Women can claim tax benefits under Income Tax Section 80C and Section 24. In this way, along with saving on home loan, tax savings are also made.
Stamp duty – Most people buy land in the name of their wife, mother or sister. The reason for this is that buying land in the name of women reduces the stamp duty. In this way you can also save on stamp duty.
Benefits of government schemes –
Women get the benefits of many government schemes along with home loan. Like in Pradhan Mantri Awas Yojana and Mudra Yojana, women applicants are given priority in many benefits.
In this way, women are able to save money in many ways through home loans. In general, the EMI of home loan can be reduced through pre-payment, credit score and many other ways.